U.S. home prices in July rose from the previous month, marking the third month in a row that a closely watched index measuring the health of the housing market saw positive changes.
On Tuesday, the Standard & Poor's Case-Shiller home-price index for 10 major metros jumped 1.5%, while the 20-city index rose 1.6%. Many have taken the reports as another sign that the housing market is recovering. Sales of existing homes have risen in recent months; the inventory of homes for sale has fallen; the pace of foreclosures has slowed.
"All in all, we are optimistic about housing," said David M. Blitzer, chairman of the index committee at S&P Dow Jones Indices, in a statement.